MCAP Fixed Mortgage Consumer Reviews

MCAP only started our process 2 days before the closing date. And they asked for odd and uncommon requests from both sellers and buyers They extended our closing knowing sellers already moved out and we are supposed to leave our present place. They have no respect to your needs. I think all the stress they are causing because of their incompetence is not worth the low rates they give.

I have a mortgage and Line of Credit with MACP. They were easy to contact until 2019 then they were impossible to get through to, and always a long delay from emailing them to someone calling back (usually an unknown number with a 604 area code). Anyway. I have set up weekly payments to chip away at paying down my LOC from my bank account, which is also the bank account they sent money to from the LOC when needed. I have had 4 payments "reversed" with no notification from MCAP totalling $8700 I contacted them and today talked to someone who sounded like I hade woke them up and asked they wondered where I was sending the money from. Remember, most payments go to them OK and from my only bank account they have for me. When a 5500, and 2000 payment was reversed recently did I notice this issue. Surely if they thought there was an odd activity someone would call? They said they did, but never before I have contacted them. This $8700 has never been sent back to my bank so while they may have reversed it, it was never sent back to me, so the money is where? They have now escalated it and will be in touch within 48 hours. Stay away

Pay attention to the early payout provisions: only available to payout end of term, sale of the property, flip into another Mcap mortgage or death. Renewal: if you don't renew or payout, you automatically renew into a 6th-month term at 5.95% interest, you have the option to resign with them without penalty. If you wish to payout at the end of 6 months you are subject to penalty and a reinvestment fee. I received my renewal letter, which wasn't a great rate but, the renewal agent convinced my rates would drop and they didn't at least with MCAP. I called my renewal manager 2 days ago still haven't heard back from him. I have pretty much run out of time to renew with another lender. Their game, stretch it out as long as they can and lying. Their rates are not competitive but, make you believe they are working to get a better rate. Make certain you know your mortgage if you decide to go with them. There are better rates and lenders out there.

They immediately increase their prime rate with BoC's decision but don't follow the BoC rate deduction decision. It is time to refinance and get rid-off these scam artists.

They have the right to set their own prime rate, which is totally unethical. Essentially they can choose their own rates and they do not have to follow the Bank of Canada rates. I would never borrow money from them again. I will be looking at other more ethical lenders that follow the Bank of Canada’s rate adjustments.

MCAP was great when I took a fixed-term mortgage for $180,000 back in 2006. I never missed a payment and paid more than what was required each month in an effort to pay it down. Flash forward to 2019 when I was downsizing and only needed $40,000. I was porting my term and agreed to take their minimum $50,000 mortgage "for ease and to maintain consistency". Their main lines have been "experiencing a high call volume" for close to a year. It took a week to get a return phone call, by which time I had forgotten why I called in the first place. As much as the personnel that I dealt with were pleasant, the overwhelming paper burden that was attached to the porting of my mortgage, along with the impossible demands for documents that didn't exist, made this an impossible situation. A week before my sale and purchase closed, and after 2 1/2 months of providing every possible document that was within my power to provide to MCAP, a friend pointed out that it was possible that MCAP no longer wished to give me a mortgage as the amount I needed was so low....hmmm...food for thought. I pulled my mortgage application and went with a major banking institution who was able to help me secure funding. A year ago I would have recommended MCAP, not now though :(

I called yesterday the customer service 3 days after RBC set the prime rate down 0.5 points following the bank of Canada. The attendant said they are a private bank and the rates may even go up not down.

The ONLY good thing is a competitive mortgage rate. Customer service - 1/5... waiting for 1 hour to pick a call. Support - 0/5... To get mortgage statements when you sell a property they are charging me $75 for each. NEVER will use this lender again nor will endorse it. New first time homeowners beware as the interest rate may lure you in, but good business ethic and good client support are more important.

They signed us up for additional (optional) insurance without our consent. After contacting them, it took a week for them to get back to us and they called every number they had on file for us even though I clearly specified to contact us by email. Then they chastised us for their mistakes. We will be switching providers as soon as our term is up because of course, the fees to switch now are over five figures. Highly recommend staying away from MCAP.

Hi All, I have the worst experience of lending with MCAP. If your broker ever introduces MCAP to you, never do home or any kind of mortgage from them. They are the worst customer service and they never help you out. I did mortgage with them on a variable rate and they are not changing it to a fixed rate. Other providers are giving a fixed rate of 2.84, 2.79 and these people gave me a 3.49% fix rate. They will tell you on the phone that they are going to email you the offer but they will put the offer on your online account whether or not you have set your online system. I never did that none of their customer service people told me to do so. I kept calling them sending them emails and they never call me, they keep calling to my wife and start saying things she has no idea what to say. She told them to call my husband which they never did. Now I get a chance to talk to them they gave me a 3.49 fixed rate. While other mortgage providers are giving 2.84, 2.79, 2.69 fixed rate.